Athens has climbed in the 2025 hotel investment rankings, while Greece holds steady among Europe’s top five destinations, reaffirming investor confidence in both the capital and the country’s thriving luxury hospitality sector, according to CBRE’s latest Hotel Investor Intentions Survey.
In the latest rankings, Athens moves up to eighth place among Europe’s most attractive cities for hotel investment, reflecting increased interest in the Greek capital’s expanding high-end hospitality sector and strong tourism fundamentals.
Meanwhile, Greece remains the fifth most appealing country for hotel investors, reinforcing its reputation as a rising luxury tourism hub.
CBRE’s research report, conducted in Q4 2024 among 110 leading industry stakeholders, captures key investor sentiment and strategic priorities for the year ahead.
“Building on the strong investment momentum of 2024, our findings indicate a sustained bullish outlook among European hotel investors heading into 2025,” the report notes. “A significant majority intend to maintain or expand their hotel investments, reflecting continued confidence in the sector.”
Greece holds firm as Europe’s luxury tourism appeal grows
Spain retains the top spot among countries, followed by Italy, which edged ahead of the UK to take second place. Portugal and France complete the top five, with Greece maintaining its strong fifth-place ranking thanks to robust tourism performance and a flourishing luxury segment.
Among cities, London and Madrid lead investor preferences, followed by Rome, which rises to third. Paris slips to fourth, while Lisbon and Barcelona rank fifth and sixth, respectively. Berlin and Brussels move up to share eighth place alongside Athens, which climbed one position from 2024.
“The city’s steady rise in international demand further reinforce its appeal as an emerging investment destination,” the report notes for Athens.
Leading European cities for hotel investment in 2025. Source: European Hotel Investor Intentions Survey 2025, CBRE Research
Key investment trends for 2025
Investor confidence remains high, with over 90 percent of respondents planning to maintain or increase hotel investment this year. Real estate funds, developers, and operators are particularly active, focusing on value-add strategies such as re-positioning and operational improvements over higher-risk plays.
Luxury and upper-upscale hotels continue to dominate investor interest. These segments are favored for their resilience, pricing power, and sustained demand from high-net-worth travelers. Full-service hotels remain the top preference, though limited-service options are gaining ground due to their leaner cost structures.
Gateway cities and CBD locations continue to attract the most attention, though interest in secondary cities and resort markets is growing, partly due to shifting travel patterns and concerns about overtourism.
While enthusiasm for extended-stay formats is increasing, interest in all-inclusive properties remains muted – despite their strong post-pandemic performance.
CBRE notes that the 2025 European Hotel Investor Intentions Survey was conducted prior to the heightened geopolitical developments in Q1 2025, which may have a greater impact on investment dynamics than initially anticipated.
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